707.49 Deposits; escrow requirement.

161 words·~1 min read·/wi/chapter-707/707-49

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Definitions. In this section:

(a)“Completion of construction” means that all accommodations of the time-share unit and all buildings, improvements and other facilities of the time-share property, including campground amenities, are available for use in a manner identical in all material respects to the manner portrayed by the time-share instrument, promotional materials, advertising and the time-share disclosure statements.

(b)“Deposit” means any money or property given by a purchaser as earnest money, downpayment or other payment in connection with the purchase of a time share, whether the payment is intended to be applied toward the purchase price or other obligation or returned to the purchaser, but excluding any dues payment.

(c)“Escrow account” means an account established solely for the purposes set forth in this section with a financial institution, as defined in s. 705.01

(3), which is located within this state and the accounts of which are insured by a governmental agency or instrumentality.